PPF Group has completed its acquisition of mobile
operator Telenor’s telecommunications assets in Central and Eastern Europe,
specifically in Hungary, Bulgaria, Montenegro, and Serbia. PPF Group has received
all the necessary approvals from the relevant authorities and completed all
other requisite processes. As a result, PPF Group now holds full control over Telenor’s
operations in the aforementioned countries.
The
total purchase price of the assets was EUR 2.8 billion (based on the enterprise
value approach). PPF Group financed the transaction through a syndicated loan. The
acquisition is the biggest in the telecom sector in Central and Eastern Europe
since 2011.
PPF Group
PPF Group invests into multiple market segments
such as banking and financial services, telecommunications, biotechnology,
insurance, real estate, and agriculture. PPF’s reach spans from Europe to
Russia, the USA and across Asia. PPF Group owns assets exceeding EUR 38 billion
(as at 31 December 2017).
Telenor
Telenor is a leading provider of telecommunications and mobile services
in Scandinavia, CEE and Asia, with an annual turnover of NOK 125 billion (2017) (EUR 13 billion) and 178 million customers. The company has been active
in Central and Eastern Europe for 25 years. Telenor entered the Hungarian
market in 1994 as a local operator, Pannon. In 1996, it extended its reach to
Montenegro, and in 2006 it moved into Serbia by purchasing Mobi 063. In 2013, Telenor
entered the Bulgarian market by acquiring Globul. At the end of 2017, Telenor
was providing its services to over 9 million customers across the four CEE
countries, and was employing almost 3,500 staff there.